Dec. 6, 2010 (Canada NewsWire Group) --
BURNABY, BC, Dec. 6 /CNW/ - Canlan Ice Sports Corp. (TSX: ICE), providers of the on-ice, field and other recreational sports experiences to youth and adults across North America, today announced that its Board of Directors has approved the introduction of a quarterly dividend, and declared that a dividend of $0.015 per common share will be paid on January 17, 2011 to shareholders of record at the close of business December 15, 2010.
"The initiation of a dividend policy is our most significant milestone to date and is a testament to the effectiveness of our business model as well as our progress over the recent years," said Joey St-Aubin, President and CEO of Canlan Ice Sports Corp.
Michael Gellard, Canlan's Chief Financial Officer, added, "Initiating a quarterly dividend also reflects the continued confidence in our ability to generate strong seasonal cash flows, pay down debt and fund growth initiatives, such as our recent expansion into select US markets."
Canlan's Board of Directors will review the Company's dividend policy on a quarterly basis.
Canlan's dividend is designated as an "eligible" dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce income tax otherwise payable.
Canlan Ice Sports Corp is the North American leader in the development, operations and ownership of multi-purpose recreation and entertainment facilities. We are the largest private sector owner and operator of recreational ice sports facilities in North America and currently own and/or manage 22 facilities in Canada and the United States with 65 surfaces including ice rinks and indoor soccer fields.
Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol "ICE."
Caution concerning forward-looking statements
This document contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. The Company's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time.
|Canlan Ice Sports Corp.||The Equicom Group|
|Michael F. Gellard||Joe Racanelli|
|Senior Vice President & CFO||416 815 0700 ext. 243|
|604 736 firstname.lastname@example.org|